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Business Registration Systems and Procedures in Latvia

Workshop on Single Institution for Registration of Commercial and Non-Commercial Organizations INT MARKT IND/STUD 51624 organised in co-operation with the State Registration Service of Ukraine. Business Registration Systems and Procedures in Latvia.

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Business Registration Systems and Procedures in Latvia

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  1. Workshop on Single Institution for Registration of Commercial and Non-Commercial Organizations INT MARKT IND/STUD 51624 organised in co-operation with the State Registration Service of Ukraine Business Registration Systems andProcedures in Latvia Mr. Aivars Paegle, Legal manager at The Register of Enterprises of the Republic of Latvia, Juridical Division

  2. We are here

  3. Register of Enterprises of the Republic of Latvia • Register of Enterprises of the Republic of Latvia is a direct administration authority which acts under the supervision of the Minister for Justice. • Register of Enterprises is managed by the Chief State Notary who is nominated by proposal of the Minister of Justice and appointed to hold his office by the Cabinet of Ministers

  4. The objective of the operation of the Register of Enterprises: 1) to provide public access to the registered information - electronically, - in paper, - in presence, - there is option to purchase license for transfer of all daily information; 2) to register entities and legal facts: Register of Enterprises registers: - various entities (merchants, non-governmental organizations etc.); - legal facts – contracts (commercial pledges, marriage contracts etc.), as well as insolvency proceedings. New private entities get their legal status only after they are registered.

  5. AState notary of the Enterprise Register shall examine whether: - all the documents provided for by the laws have been submitted; - the documents, which are being registered (added to a file) or on the basis of which an entry is being made in the Register of Enterprises, have legal force and whether other form requirements conform with regulatory enactments; - the amount of information and provisions included therein and content thereof conforms with regulatory enactments and other documents in the registration file; - another lawful obstacle has not been registered in the Register of Enterprises

  6. Public policy is focused on strengthening of examination but only with one condition – that does not increases time of verification of documents. • Solution shall be searched in modern technologies. The Register of Enterprises strengthens examination by making connection with other data bases of the state.

  7. Liquidation • Registration of the entities is quick and easy (merchant can be registered electronically within one day). • Liquidation is difficult legal action that takes several months. Goal of the liquidation is to settle with creditors and to divide remaining property between owners. - If it is determined that debt are more than capital and assets then the Board of directors have to submit an insolvency petition. - If it is determined that capital and assets are enough to cover liabilities of the company then liquidator is chosen by owners of the company.

  8. Choice of the Name of the Company There are following conditions choosing the name of the company: 1) The name of the company shall be clearly and definitely different from the names (firm names) previously entered or applied for entering in the Register of Enterprises and other registers kept by the Register of Enterprises; 2) The name of the company shall be written using the letters of the Latvian or Latin alphabet only as well figures and punctuation marks; 3) The name of the company may not be in conflict with morals; 4) The name of the company may not include names of State and local government institutions (authorities), as well as the words “state” and “local government”; 5) As the name of the company may not be used personal names of the residents of Latvia if only they are owners of these companies.

  9. Choice of the Name of the Company The name of your company Similar registered and proposednames of other companies

  10. Initiatives of Law Improvements • The Register of Enterprises has no legislative power. Only the Saeima (State Parliament) issues laws but the Cabinet of Ministers issues Regulations. • The Register of Enterprises may not advise to issue laws and regulations. It can be done with mediation of Ministry of Justice. • State institutions (with their own practice) has purpose to improve application of normative regulations. Legal norms have to be translated in way so written law does not become outdated.

  11. The Register of Enterprises consults with well-known professionals before making crucially new decision. • Aim of the consultations is dual: - to use knowledge of private sphere professionals at its maximum level; - accepted decision has bigger credibility if it corresponds with opinion of the professionals. • The Register of Enterprises has its own Consultative council, in which experts discuss legal cases.

  12. Next purpose of the Register of Enterprises is to make its own practice public for society • Because of that all decisions of the State Chief notary are available on home page of the Register of Enterprises (except for personal data). • The Register of Enterprises systematically gives interpretations in the legal publications by taking comments from nationally recognized experts.

  13. Questions

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